wazir Posted October 14, 2009 Share Posted October 14, 2009 http://www.manxradio.com/newsread.aspx?id=39622 Well that says a whole load of absolutely nothing!!! Still not even sure whats going on? The problem really is that nobody knows (1) if it's going to happen; and, (2) if it does what the impact will be (least of all Tony Brown). Link to comment Share on other sites More sharing options...
triskelion Posted October 14, 2009 Share Posted October 14, 2009 Tony's tone seems to suggest we are heading for some unhappy times. Say farewell to the capital budget in its current form. Link to comment Share on other sites More sharing options...
cheesypeas Posted October 14, 2009 Share Posted October 14, 2009 Tony's tone seems to suggest we are heading for some unhappy times. Say farewell to the capital budget in its current form. ...and say hello to biggest rise in tax bills on record. We could be going down faster than a $10 hooker. Link to comment Share on other sites More sharing options...
localyokel Posted October 14, 2009 Share Posted October 14, 2009 Tony's tone seems to suggest we are heading for some unhappy times. Say farewell to the capital budget in its current form. Tony sounds like a rabbit trapped in the headlights. "Tony Brown says while the subject is still under discussion it’s not possible to establish what the full repercussions for the Island will be." He's the head of government whose finally admitted that he doesn't know how to control his own economy. He might as well said "Fuck me it looks like were in the shit, but the UK Government have not told us how much in the shit we are yet. When I know how much shit were in then I'll let you all know. In the meantime trust me although christ knows why as I have absolutely no idea what is going on" One wonders whether all the criticism about the IoM abusing the customs agreement (the tax justice network etc) is true and that the UK have finally worked it all out. Link to comment Share on other sites More sharing options...
x-in-man Posted October 14, 2009 Share Posted October 14, 2009 You missed the bit out where he said - 'I've just been sitting about with my thumb up my arse, and getting duty free on flights to Shanghai. At least we can rely on the film industry, and the shipping register to keep us ticking over until it all blows over and I can claim my pension. Fuck knows what the rest of you are going to do, but as always, I'm alright Jack.' Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 14, 2009 Share Posted October 14, 2009 The only light bulbs you'll find above Tony's head, are on the top shelf in his shop. Link to comment Share on other sites More sharing options...
pongo Posted October 14, 2009 Share Posted October 14, 2009 Not really fair to blame one man for a mindset which goes back to at least the early 80s and, in some ways, even to the early 1960s. Link to comment Share on other sites More sharing options...
localyokel Posted October 14, 2009 Share Posted October 14, 2009 At least we can rely on the film industry I think that you might find that the film industry has contributed to this balls up. Not really fair to blame one man for a mindset which goes back to at least the early 80s and, in some ways, even to the early 1960s. That might be true but I would have expected something more decisive than a "Don't panic Capt Mainwaring" statement that does little for his credibility or the credibility of his government. Link to comment Share on other sites More sharing options...
Gladys Posted October 14, 2009 Share Posted October 14, 2009 Remember the mining towns decimated in the early 80's? Any change or even removal of the VAT agreement could have a dual impact; it will firstly dramatically cut IOMG's revenue stream (does anyone know how must VAT we collect as against how much we get back, i.e. if we charge our own equivalent of VAT will this be anywhere near the amount we get from the agreement?) and secondly, and this is where I think Brown and Darling are hoping for the biggest effect, in order to plug the hole IOM direct taxes will have to be increased. Link to comment Share on other sites More sharing options...
x-in-man Posted October 14, 2009 Share Posted October 14, 2009 its a formula of GDP or something, which means coz we are better than the UK, we get more back. As for the film industry, we all know that, but does Brown? Link to comment Share on other sites More sharing options...
localyokel Posted October 14, 2009 Share Posted October 14, 2009 As for the film industry, we all know that, but does Brown? From his announcement I doubt very much that he knows anything at all. Link to comment Share on other sites More sharing options...
Slim Posted October 14, 2009 Share Posted October 14, 2009 From his announcement I doubt very much that he knows anything at all. A little unfair? What's he supposed to say? RUN AWAY! WE'RE DOOOOOOMED! Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 14, 2009 Share Posted October 14, 2009 and secondly, and this is where I think Brown and Darling are hoping for the biggest effect, in order to plug the hole IOM direct taxes will have to be increased. Well you have the 50% rate of tax coming in within the UK shortly and a talked about cap on banking bonuses etc in the City. They are going to have to make sure that a flight of people offshore is minimised and therefore you can see where all this is coming from as it will force our direct taxes up. If you look at how they have dealt with IOMG over KSFIOM etc its clear who has the upper hand - we have a government stumbling around wondering why the direction of the wind has suddenly changed after milking these agreements for years. The fact is that our GDP per head now makes us look a bit smug and fair game against bankrupt Britain, and if they think we have got fat from diddling the VAT agreement they are going to make a big point. Like Cayman I think they actually like to have their tax havens cash strapped, uncertain, and in need of UK Government support so they can basically do what the heck they like with us. Link to comment Share on other sites More sharing options...
Gladys Posted October 14, 2009 Share Posted October 14, 2009 Could be true OMF. I wonder if anyone in IOMG is doing the sums - you know how much VAT revenue we collect, how much of that is as a direct result of us being offshore but in the UK VAT area (so that an asset can be acquired in the UK, held offshore but the VAT collected, or for yachts shown as VAT paid, for example) and how much we could generate domestically without the offshore element? It seems a pretty critical analysis to do I would have thought. Link to comment Share on other sites More sharing options...
pongo Posted October 14, 2009 Share Posted October 14, 2009 @Gladys - I'm fairly certain that you can guarantee that the experts with the graphing calculators know all the numbers and have done for ages. I have no doubt that there are many various plans B. Link to comment Share on other sites More sharing options...
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